ICICI Bank, 3 others launch India’s 1st Infrastructure Debt Fund

ICICI Bank and three other financial institutions on March 5, 2012 agreed to float India’s first infrastructure debt fund (IDF) with a capacity to raise up to $2 billion to finance infrastructure projects that require a whopping one trillion dollars in the next five years. The country’s largest private sector lender, together with a wholly owned subsidiary, will have a 31 per cent equity in the company, while Bank of Baroda (30 per cent), Citicorp Finance India Ltd (29 per cent) and LIC (10 per cent) will bring the rest of the equity to the non-banking finance company (NBFC).